How Much Should You Spend on an Engagement Ring?

So you are thinking about popping the question, or already have, and are now wondering how much money you should set aside for the ring. You have an idea in your head of what you want and now all you have to do is start looking! Here are some ways to gage how much you should pull out of your savings account for this oh-so-special ring.

2 Months Salary Rule?

Maybe when you have been asking around to your friends and family about how much they spent on an engagement ring, the 2 months salary rule may have come up. This rule that has been around for a while says that the engagement ring should cost at least 2 months salary, but since it is no longer that 1950s, that rule does not have to apply. In 2012, the most common price for an engagement ring was $4,000 , so if you can afford it, go for it!

How Much is Appropriate?

The amount of money you decide to spend on the ring has a lot decisions and dreams factored into it. Do you want this ring to become a family heirloom? What is your bride’s style? How much money do you have at your disposal? All of these questions are important, for example, if you wanted the ring to become a family heirloom, you may want to shovel out more money in order to buy a ring that is special and will last for centuries. Think about all of these factors before going shopping, this will give you a clear picture and idea of what you want which will give the salesmen a better idea of what and what not to show you.

Should I Take Out a Loan?

NOOOOO! Abort! Abort that idea! We highly recommend that you do not take out a loan on a ring. Once you become marriage the phrase “What’s mine is yours” becomes a bittersweet thing, because along with sharing a living space, you also share your debt and student loans. So do not take out a loan to buy a ring because in the long run, she will end up help paying for it.

What Should I Keep In Mind While Shopping?

Shopping for an engagement ring is definitely a daunting task, but to keep your mind in the right place, remember the Four C’s. The Four C’s are Color, Clarity, Cut, and Carat. This helpful tool will help you assess the quality of the diamond and will help you decide which ring is the best for you. Before shopping, also think about what you are wanting the gemstone to look like. What shape do you want? What cut is ideal? How many carats are you looking for? And most importantly,WHAT IS HER RING SIZE? These questions will help keep you on track with your ring search and will ensure that you will walk away with the perfect engagement ring.

Now What?

So I guess we still haven’t given you an actual answer to your question. That is because it all depends on how much money you have within reach and how big of a deal the ring is to you and your soon-to-be fiancé. If the ring is simply a symbol of love and promise, then you many not have to spend ten grand on the ring, but if you are considering the ring a future family heirloom and it has extremely great meaning behind it, then you might want to splurge. Choosing what to pay for the ring also depends on what you have to do to get it, and if that means going into debt, you may want to wait a little while in order to get more financially stable. So the answer is, it depends, this is definitely not a one-fits-all answer.

Lela Fredricks is an enthusiastic content strategist at the Income Store, who loves to laugh and tell puns. She likes to knit, play tennis, cuddle with her Bernese Mountain Dog, and be around her friends in her free time when she is not writing content. For any questions, you can contact her at lfredricks@incomestore.com.